Author: Element digital

Eco Baltia acquires 40.4 % stake in road maintenance company in Latvian city Daugavpils

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Eco Baltia AS (JSC), the largest group of environmental resource management and recycling companies in the Baltics, has acquired a 40.4% stake in the Latvian road maintenance company (JSC) Daugavpils specializētais autotransporta uzņēmums (Daugavpils Spec. ATU).

The shares owned by Daugavpils City Council and the Latvian state were acquired by Eco Baltia vide, a wholly owned subsidiary of Eco Baltia group, as part of the privatisation. The remaining 59.6% of the shares are held by private individuals.

Following the acquisition of a minority stake, we will apply for permission to acquire up to 100 per cent of Daugavpils Spec. ATU shares. This is an important step to expand Eco Baltia vide’s services regionally, as Daugavpils is the second largest city in Latvia. This is the second acquisition of Eco Baltia vide in the street and road maintenance business – in 2023 it acquired Pilsētas Eko Serviss, which provides urban environment management in the Latvian capital Riga.

Jānis Aizbalts, Chairman of the Board, Eco Baltia vide

In 2023, Daugavpils Spec. ATU had an unaudited turnover of EUR 5.5 million and employed 110 people.

After the transaction, Daugavpils Spec. ATU will continue to provide its daily services as usual. No changes are planned in the existing cooperation agreements and arrangements for customers, partners and employees of the parties involved in the transaction.

About JSC Daugavpils specializētais autotransporta uzņēmums:

Daugavpils specializētais autotransporta uzņēmums was founded in January 1973. The company provides waste management in Daugavpils, cleaning and maintenance of city streets, as well as transportation services.

About Eco Baltia vide Ltd:

Eco Baltia vide is an environmental management company providing a wide range of environmental management services – municipal and sorted waste collection, packaging waste management, construction and bulky waste management, area cleaning and road management, as well as various seasonal services. In 2023, Eco Baltia vide closed the year with a unaudited turnover of almost EUR 54 million.

Changes in the Management Board of PET Baltija

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In order to continue the development of the PET bottle recycling sector in Latvia and on the international market, as well as to strengthen the company’s management, on 10 April this year there will be changes in the Management Board of PET Baltija AS (JSC), one of the companies of the largest environmental resource management and recycling company in the Baltic States, Eco Baltia AS (JSC). By agreement of both parties, the employment relationship will be terminated and the position of a member of the Board will be vacated by the current plant director Dagnija Ļevčenoka, whose day-to-day functions will be delegated to the existing Board.

Jūlija Zandersone, Chairperson of the Board of PET Baltija AS: “We are grateful to Dagnija for her invaluable long-term and professional contribution to the development of PET Baltija. We are now moving the company towards an unprecedented development, also in the international market. This will also lead to changes in the company’s management. I am convinced that Dagnija’s skills and extensive experience will open opportunities for new career highlights, so on behalf of the entire PET Baltija team, we thank her for the cooperation and wish her success in her future professional career”.

The Board of PET Baltija will continue to be chaired by its current Chairperson, Julia Zandersone, as well as Board members Matīss Leitis and Jekaterina Vasiļjeva. A decision will be taken in the near future on possible additions to the Board, details of which will follow.

Dagnija Ļevčenoka has been with PET Baltia since 2008, starting her career as Chief Accountant and later working as Financial Analyst, Quality Management System Manager and Production Department Manager. In 2020, Ms Ļevčenoka was appointed Plant Director, and in September 2021 she was also appointed Member of the Management Board.

About “PET Baltija”

PET Baltija is one of the largest PET recyclers in Northern Europe and the largest PET recycler in the Baltic region operating in Latvia. It is owned by Eco Baltia, the largest environmental and waste management group in the Baltics. Eco Baltia offers full-cycle waste management solutions, from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing.

PET Baltia recycles used polyethylene terephthalate (PET) bottles and is an industry leader in the Baltic States. The recycling portfolio includes high quality PET flake pellets (including those suitable for food packaging), almost 100% of which are exported.

Eco Baltia shareholders re-elect the Supervisory Board and appoint a new Supervisory Board member

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The shareholders’ meeting of Eco Baltia AS (JSC), the largest environmental resource management and waste recycling group in the Baltics, was held on 3 April. During the meeting, the current Eco Baltia Supervisory Board was re-elected and it was also decided to increase the number of members of the existing Supervisory Board from five to six. Algimantas Markauskas, the former CEO of Thermo Fisher Scientific Baltics, one of the most valuable companies in the Baltics, was elected as a new member of the Supervisory Board.  The changes are aimed at strengthening the Eco Baltia Group’s governance and further development in the international market.

“I am honoured to continue my professional career in a group of companies focused on the circular economy, which has been able to successfully captured a significant share of the international market in a relatively short period of time. The global market is now open to growth-oriented companies. I see Eco Baltia as one of them. I am grateful to all my partners and colleagues who have been involved in influential business development projects in global companies. And now I am ready to contribute my expertise to the growth of the Eco Baltia Group,” says Algimantas Markauskas, newly elected member of the Supervisory Board of Eco Baltia.

Algimantas Markauskas has worked for more than 14 years in leading positions at Thermo Fisher Scientific, a global leader in scientific services. During his tenure, Mr Markauskas successfully developed the company’s subsidiary (UAB Thermo Fisher Scientific Baltics) in Vilnius, which was recognised as the most valuable company in the Baltics in 2022. In the future, Mr Markauskas will be responsible for the development and implementation of the Eco Baltia Group’s future development strategy, thus contributing to the company’s operational excellence in the international market.

Following the re-election of the Supervisory Board at the Shareholders Meeting, Vytautas Plunksnis has been re-elected as Chairman and Deimante Korsakaite as Deputy Chairperson, representing INVL Baltic Sea Growth Fund. The Supervisory Board will also include Alberto Atienza Güell from the European Bank for Reconstruction and Development (EBRD), Jurgita Petrauskienė, an independent industry expert, and Gints Pucēns, who represents the interests of minority shareholders.

“Eco Baltia has rapidly expanded its international operations in recent years. Through acquisitions in Poland, the Czech Republic, Lithuania and Latvia, the Group’s range of services, market shares and contribution to the circular economy have been significantly expanded. In order to contribute to this growth, we have strengthened the composition of the Supervisory Board by adding top-level experts from various sectors. I am grateful to shareholders for the confidence they have shown in the Supervisory Board elections. We are also honoured that Algimantas Markauskas, a long-standing CEO of one of the most valuable companies in the Baltics, has joined the Supervisory Board and will bring his experience and vision to strengthen the Eco Baltia Group in its future development,” says V. Plunksnis, Chairman of the Supervisory Board of Eco Baltia AS.

In addition to  the re-election of Eco Baltia’s Supervisory Board and the appointment of a new Supervisory Board member at the Shareholders’ Meeting, changes have also been made to the company’s Articles of Association in line with the amendments to the Commercial Law.